Chongqing’s "summer army" detonated rural online shopping, and some people "received express delivery" with a monthly income of 4,000.













If 2023 is a year of concentrated outbreak of AI applications, then 2024 is the first year of AI hardware. Whether it is glory, Xiaomi, OPPO, vivo, Huawei, Lenovo and other domestic technology giants, or overseas giants such as Apple, Microsoft, Qualcomm and Samsung, all emphasize the integration of AI big model technology and application, especially hardware.
From mobile phones to PCs, AR glasses, televisions, refrigerators, cars, as well as various home robots and various products, a large number of products have begun to deeply combine the latest generative AI technology to provide consumers with a more comfortable experience. To some extent, AI is becoming ubiquitous and omnipotent through these consumer electronics products.
So what is the most commonly used AI hardware? Do you know what big model it uses? Don’t worry, today Xiao Lei will take you to a big model behind the AI hardware.
Before we start the inventory, let’s take a look at this AI technology competition.At present, many head Internet companies and artificial intelligence companies at home and abroad have basically released their own big models. While empowering their own software applications and hardware products, some participants are sharing big models with more manufacturers to accelerate the AI process of their products.
Recently, the trend of ByteDance Volcano Engine caught my attention, and it launched a smart terminal model alliance with OPPO, vivo, Glory, Xiaomi, Samsung and Asus. According to reports, OPPO’s Xiaobu assistant, YOYO assistant of Glory MagicBook, Xiaomi’s Xiaoai classmate, and ASUS laptop’s Douding AI assistant have all been connected to the bean bag big model service.

Source: bean bag
Last month, ByteDance unveiled the mystery of the bean bag model family at the Force Motive Power Conference in Volcano Engine in the spring of 2024, and announced the official opening of foreign service. Unexpectedly, in just one month, big models such as pro, lite, and Role-playing have begun to solve the common challenges of language style, real-time content, association ability and intention recognition for the industry.
Some people may think that the introduction of other large models means that manufacturers lack the ability of self-research, which is not something to boast about.In fact, the reason why manufacturers do this is to keep up with the pace of competitors in the industry as soon as possible, and bring better experience to users, and the introduction does not mean giving up self-research. In the case of mutual reference, it can really accelerate the AI process of hardware products.
In the past year, Huawei, Xiaomi, Apple, Qualcomm, Lenovo and other manufacturers all announced their "AI+ Hardware" plans. Many of these manufacturers chose to "walk on two legs", while introducing one or more large models from the outside, while burying their heads in their own research.
In terms of domestic mobile phone manufacturers, Xiaomi, OPPO, vivo and Glory have access to a number of large third-party models. For example, Xiaomi, OPPO and vivo have access to ali tong Yi, Baidu Wenxin and Byte Bean Pack; Glory is connected to Baidu Wenxin and Byte Bean Bag.

Source: ByteDance
In terms of foreign mobile phone manufacturers, because the domestic market needs to be put on record to provide generated content to consumers by using generative artificial intelligence technology, overseas sales products and domestic sales products usually adopt different large-scale model schemes.
For example, the AI function of Samsung S24 series is operated by Google’s Gemini at the bottom, while the domestically sold S24 series is supported by Baidu Wenxin. Apple announced the introduction of ChatGPT in WWDC24, but the China partner has not been announced yet. I believe that Apple will probably choose between ali tong Yi, Baidu Wenxin and Byte Bean Pack.
It can be seen that almost all mobile phone manufacturers choose to access as many large models as possible. Not only to strengthen the multi-modal AI generation ability of their products in image generation and image understanding, but more importantly, manufacturers can train their own research models with the help of the cloud model of service providers to accelerate the improvement of the intelligent level of the models.
For example, vivo developed a blue heart model based on Alibaba Cloud training, and the pre-training performance of the thousand-calorie model was close to LLaMA level, which brought great help to the optimization of AI images, intelligent assistants, graphic creation and other scenes of vivo mobile phones.
Like mobile phones, PC is one of the most commonly used smart terminals for users. Before the rise of AI technology, the development of PC market was mainly to slightly update the hardware such as central processing unit (CPU), graphics processor (graphics card) and display screen every year, and the homogenization of products in the market was more serious.
Therefore, in the face of new opportunities, PC manufacturers show great enthusiasm. In addition to ASUS’s introduction of the bean bag big model, Lenovo chose to release its own Lenovo big model solutions and services, mainly including customizing the enterprise-specific privatization big model and landing the big model based on the trinity of intelligent computing center, AI platform and AIforce.

Source: Lei Technology
On the product side, Lenovo Yuanqi series new products are all equipped with personal agent-Lenovo Xiaotian, and at the same time, they are equipped with a new generation of Core Ultra processors and built-in artificial intelligence tools, which can provide a variety of localized artificial intelligence services without connecting to the cloud server. This includes but is not limited to offline data analysis and decision support.
In addition, PC chip manufacturers Intel and Invista also released brand-new AI hardware to provide chip-level AI capabilities for PCs. Intel said that AI is the "next growth driver" of the industry, and it is planned that by 2025, more than 100 million AI PC will be supplied with processors, accounting for 20%.
The importance of big model to PC is self-evident. Under the current technical level, AI PC can provide personalized services such as personalized creative service, private secretary service and equipment housekeeper service for work, study and life scenes. When AIGC is intensively deployed in different fields in the future, AI PC will usher in a new round of outbreak.
Thunderbird Technology, a domestic AR manufacturer, released the new AR glasses Thunderbird X2 Lite at CES 2024. AI+AR is the main highlight of this pair of glasses. Like the previously released Chatbot connected to the self-developed AI model in Thunderbird X2, Thunderbird X2 Lite also has built-in large model voice assistant Rayneo AI.
After accessing Rayneo AI, Thunderbird X2 Lite can realize many functions, such as multi-round natural language dialogue, itinerary planning, convenient encyclopedia question and answer, brainstorming and so on. At the same time, it supports AI-assisted translation, 3D space navigation, first-person perspective image creation and so on.

Source: Lei Technology
In overseas markets, the smart glasses company Solos released a new product Solos AirGo 3 equipped with ChatGPT. The core function of this product is real-time translation, and users can translate the sound received by glasses through ChatGPT. Solos AirGo 3 also provides a variety of scene modes, including one-on-one dialogue mode, which is especially suitable for face-to-face communication.
Limited by the product form, the interaction between wearable devices and users is not as rich as that of mobile phones and PCs, and the influence of large models mostly stays in the stage of voice assistant question-and-answer and assisted translation. In fact, wearable devices can dig deeper into large models. Especially for AR products, through spatial perception interaction, large models may be able to achieve functions that cannot be displayed in the real world.
There are many similar AI hardware. Home appliances, car smart cockpits, toothbrushes, learning machines and other categories all have related cases of becoming AI terminals. At present, most manufacturers are fully promoting the AI process of computers, mobile phones, televisions and other categories. It is undeniable that these products can really bring users a better audio-visual experience and intuitively feel the convenience and achievements brought by AI. But in the future, perhaps all consumer electronics products will be put into AI, and people can gain a better experience from it.
Since ChatGPT, generative AI has proved the leap of the latest AI technology. As a cross-industry horizontal technology, AI can be applied to various vertical fields.However, the key of AI hardware is how to combine AI technology with product experience, not just the simple integration of hardware.
The most obvious improvement in the experience of AI hardware products is to change the way people interact with machines. From the keyboard, mouse and graphical user interface (GUI) of PC to the touch technology of smart phone, the innovation of interaction mode has greatly changed the interaction between human beings and machines. Therefore, how to create a smoother natural language interaction is a compulsory course for all AI hardware.
At present, there is no AI hardware product that surprises most consumers in the market, and the application of AI in hardware products is still in the initial stage of functional stacking.AI itself is a technology, not a product. It needs to be combined with specific products to create value for users.
Technological change takes time. Even if we don’t consider the exploration of handheld computers for decades before the original iPhone, it took several years to determine the product form of today’s smart phones. Similarly, the development of AI hardware also needs a process, and it is necessary to integrate AI technology into physical products so that ordinary users can intuitively experience the powerful capabilities of AI technology.
Fortunately, more and more brands are beginning to realize this, and they are actively exploring and practicing to closely integrate AI technology with user experience. We have reason to believe that AI hardware will be more intelligent and personalized in the future, bringing users a new round of AI-driven hardware revolution after relay era and intelligent hardware era.
From May 20th to June 30th, 2024, in the year of 618, the Great Promotion struck, and the six major e-commerce platforms, Taobao Tmall, JD.COM, Pinduoduo, Tik Tok, Aauto Quicker and Xiaohongshu, collectively "listened to persuasion", canceled pre-sale and frantically bargained!
Popular AI hard technology categories such as mobile phone digital, AI PC, smart home appliances, TV, small household appliances and air ice washing are gearing up, and the situation is fierce.
Lei Technology 618 Reporting Group will pay attention to the latest situation of e-commerce platform, the latest trends of AI hard technology brands and the new trends of e-commerce industry, so stay tuned and look forward to it together.
Original photo: China police repatriated stowaways.
[Global Military Report] On the 9th, China police successfully repatriated 109 illegal immigrants from Thailand and organized members of a smuggling gang, which aroused great international concern. The United States, Turkey and other countries condemned Thailand’s actions, claiming that these people were "refugees" and worried that the repatriated people would be treated unfairly after returning to China. In this regard, Tong Bishan, director of the Criminal Investigation Bureau of the Ministry of Public Security of China, said in an exclusive interview with Lianhe Zaobao on the 11th that this is what critics have always said, aiming at "demonizing" China.
Lianhe Zaobao reported on the 12th that Tong Bishan is a front-line worker and expert of the Ministry of Public Security of China in dealing with the problem of cracking down on illegal smuggling and immigration. In an interview for nearly an hour, he revealed that this group of people repatriated from Thailand to China is the ninth since this year. They are mainly from Xinjiang and are stowaways or members of gangs that organize stowaways. Tong Bishan said that these 109 people are currently in Urumqi, and more than a dozen of them are involved in terrorist crimes. They will be investigated and dealt with by the judiciary.
Tong Bishan said that these people first left the country through various methods, then passed through Laos, Cambodia, Thailand and other Southeast Asian countries, assembled in Malaysia, then moved to Turkey, and finally went to Syria and Iraq to participate in the so-called "jihad."
According to Lianhe Zaobao, preliminary investigation shows that these repatriated people include not only young men, but also many women, some elderly people and children. During the process of smuggling, they have to pay thousands of dollars to "snakeheads" in various places, and some of the money also flows to the bank accounts of the "East Iraqi Movement" terrorists. Tong Bishan said that these people are not well educated and it is more difficult to make a living in other places. Moreover, there are no legal documents on me, so the living conditions after leaving the country are very worrying.
The Financial Times reported on the 12th that Tong Bishan was quoted as saying that due to the above reasons, these people "are easily controlled by local forces, especially terrorist organizations like the East Iraqi Movement, which will further organize young people to brainwash them and then let them go to the front to fight, which is actually cannon fodder."
Tong Bishan added: "After the stowaways arrived in Turkey, they met more than one terrorist organization, maybe two or three. Because of the shortage of people, these organizations will rob people. " Tong Bishan said that terrorist organizations will give money to stowaways, which is equivalent to recruiting soldiers, at least $2,000 per person. When asked how many China stowaways have arrived in Syria or Iraq, Tong Bishan said that it is difficult to estimate the number, but it is not in the minority.
The Global Times reporter learned from the Ministry of Public Security that the China police have informed the Turkish police about eight "snakeheads" and asked the Turkish police to arrest them. Since October last year, China police have arrested 22 Turkish criminal suspects in China, who confessed that they were all instructed by "snakeheads" in Turkey to organize illegal immigration activities. According to the police, the staff of Turkish embassies in some Southeast Asian countries provide assistance to stowaways. In September 2014, the staff of the Turkish Embassy in a Southeast Asian country directly participated in "rescuing" Aili Ahmad, the leader of a smuggling gang organized by China, who was captured by the local law enforcement authorities, falsely claiming that he was a Turkish citizen, repeatedly pressured him to release him, and finally successfully sent him to Turkey. The man is still at large in Turkey. In February this year, the organized stowaway Wubrikasen Maitiru, who was arrested by the police, confessed that he took photos of stowaways and fabricated Turkish names, and handled more than 500 Turkish identity certificates from the Turkish Embassy in a Southeast Asian country, helping more than 400 China stowaways to arrive in Turkey as Turkish citizens. In June this year, the China police jointly launched an operation with Southeast Asian countries, and seized 653 Turkish passports at the residence of a criminal suspect. The document experts involved in handling the case said that the above passports are forged, and the level of forgery is extremely poor, which is easy to distinguish. Smugglers can successfully enter Turkey with such passports.
对于中方将组织偷渡的操控者指向土耳其,土耳其官方尚未做出回应。《环球时报》记者此前曾数次询问土耳其驻华使馆,但均未得到相关答复。
北京大学土耳其问题专家昝涛12日对《环球时报》记者分析了土耳其频频介入中国新疆事务的深层历史原因。首先,土耳其是个“(泛)突厥主义”国家,自视为讲突厥语的不同民族的领袖,很多土耳其人称我国新疆为“东突厥斯坦”,而这种在土耳其拥有一定民间基础的倾向,不管哪个党派都很难视而不见;其次就是泛伊斯兰主义的问题,昝涛认为,它甚至被发展成为一种叫做泛伊斯兰主义的意识形态,这种意识形态至少从19世纪末的奥斯曼帝国开始就被有意识地运用了,土耳其的正义与发展党及其政府领导者经常诉诸某种“穆斯林国际主义”的策略,对世界不同地区穆斯林事务指手画脚。最后,土耳其的价值观有很大成分是西方的,在政治体制、人权等问题上与西方有同样的看法和主张,自然也分享了同样的偏见。
Yun Tao believes that China has always attached importance to its relations with Turkey. But this time, the Ministry of Public Security suggested the problem in this way, which is also a warning to Turkey. Qi Tao said that only relevant reports had been seen before, but most domestic scholars did not know what role the Turkish government played in the smuggling incident and how it worked. This time, the Ministry of Public Security directly stated that the problem should be that it had more reliable evidence. "Turkish officials are involved in sensitive political and social issues in China in this way, and it is natural for China to express such an attitude and position."
Yun Tao said that the Turkish government has always stated that it respects China’s sovereignty and territorial integrity, does not interfere in China’s internal affairs, and does not allow anyone to engage in activities that undermine China’s sovereignty and territorial integrity on Turkish territory. However, so far, the Turkish government has not made a clear commitment to stop similar incidents when foreign embassies are involved in helping illegal immigrants.
In response to a statement made by a the State Council spokesman on the 9th on Thailand’s repatriation of illegal immigrants to China, China’s Foreign Ministry spokesman Hua Chunying said on the 11th that the US statement ignored the facts and was full of political prejudice, which condoned illegal immigration and illegal immigration activities and violated relevant international conventions and laws. China expressed strong dissatisfaction and resolute opposition to this, and has made solemn representations to the US. [Global Times reporter Ni Hao Fan Lingzhi]
Cctv news(News broadcast): Recently, Shanxi Province and Jiangsu Province held press conferences on the theme of "China this decade" respectively, introducing the remarkable achievements made in various local undertakings since the 18th National Congress of the Communist Party of China.
Shanxi: Promoting high-quality development in all directions and making new breakthroughs.

Since the 18th National Congress of the Communist Party of China, the regional GDP of Shanxi Province has increased from 1.17 trillion yuan in 2012 to 2.26 trillion yuan in 2021. Last year, the annual coal output and increment ranked first in the country. This year, the first batch of 183 major projects in Xinzhou Integrated Economic Zone in Taiyuan, Shanxi Province were started. Shanxi has made new breakthroughs in promoting high-quality development in all directions.

In the past ten years, Shanxi people’s livelihood construction and ecological environment have made great progress. The per capita disposable income of urban and rural residents has greatly increased, 3.29 million poor people have all been lifted out of poverty, and 3,365 villages with deep poverty have been relocated; From 2017 to 2021, the excellent rate of water quality in Shanxi increased from 55.2% to 72.3%, and the water quality in the national examination section of Fenhe River Basin reached Grade IV and above. Shanxi has taken new steps in practicing the journey of Socialism with Chinese characteristics in the new era.
Jiangsu: Painting a Ten-year Magnificent Picture of "Strong, Rich, Beautiful and High"

Since the 18th National Congress of the Communist Party of China, the regional GDP of Jiangsu Province has reached 6 trillion yuan, reaching 11.64 trillion yuan in 2021. The added value of the province’s manufacturing industry increased from 2.3 trillion yuan in 2012 to 4.2 trillion yuan in 2021. High-tech enterprises have increased from more than 5,100 to 37,000 in the past ten years. At the same time, the "green content" of economic development has also been continuously improved, and the Yangtze River Economic Belt and the Grand Canal Cultural Belt have become beautiful axes that run through the east and west and connect the north and the south.

In the past ten years, Jiangsu has consistently invested more than 75% of the general public budget expenditure in the field of people’s livelihood, accelerated the standardization and quality of basic public services, and made great efforts to do a good job in people’s livelihood. The per capita GDP has doubled to 137,000 yuan, and the per capita disposable income of residents has doubled to 47,500 yuan, which is constantly writing a new chapter in Jiangsu’s modernization.
Cctv news(Reporter Wang Jiazhu) Since the 19th National Congress of the Communist Party of China formally put forward the strategy of rural revitalization, rural tourism has ushered in a brand-new development opportunity, which has not only become an important channel for people to get rid of poverty and increase income, but also an important starting point for rural revitalization.
In recent years, Gannan Tibetan Autonomous Prefecture of Gansu Province has built more than 300 well-off villages with clean village appearance and distinctive ecological civilization relying on the natural ecology and humanistic ecological resources in Tibetan plateau areas. A few days ago, the reporter walked into three Gannan villages with demonstration significance to develop rural tourism with the off-line visit to Gansu Province.
Gaxiu Village in luqu is 370 kilometers away from Lanzhou, the provincial capital, and is known as "the first Tibetan village of eco-tourism". Sixteen years ago, in order to facilitate children to go to school and the elderly to seek medical treatment, some party member cadres in the village took the initiative to sell their cattle and sheep and chose to settle down on both sides of National Highway 213, and developed tourism mainly focusing on Tibetan music and animal husbandry. Driven by them, since then, more and more herdsmen who used to live by weeds have chosen to settle down with the help of the local party Committee and government, and gradually formed the present Gaxiu village.

Gaxiu Village, known as "the first Tibetan village of eco-tourism" (photo by Wang Jiazhu)
There are eight people in Lamaojia, secretary of the village party branch. In the past, the source of income for the whole family was animal husbandry. In 2018, Tibetan music was started at home. Up to now, the income of Tibetan music has reached more than 40,000 yuan this year.
In addition to developing their own Tibetan music, the village collective economy also allows village herders to continue to increase their income. In Shaiyintan Tent City, 82 poor households have a share of 15,000 yuan per household; For the shares of village collective land, 30% for ordinary households and 40% for poor households; Dongkaer National Culture Media Company has more than 80 employees, giving priority to poor households, and each household can increase its wage income by 15,000 yuan … … Today, the per capita disposable income of farmers and herdsmen in Gaxiu Village has reached 9192 yuan.
The development of rural tourism in Gaxiu Village not only allows people to move from pasture to market, but more importantly, the pasture is recuperated and the ecology is improved, achieving a double harvest of "green mountains and green waters" and "Jinshan Yinshan".
A good ecological environment is a precious wealth that nature has given to Gannan people. Playing ecological cards, eating ecological rice and taking the road of green development are the inevitable choices of Gannan people.
Luqu Gongqu Hucun, 30 kilometers away from Luqu County, is located at the entrance of Zecha Shilin Scenic Area and on the bank of Taohe River. There are 12 farmers and herdsmen with 71 people. In recent years, with the county party committee and government fully promoting the eco-tourism strategy, all 12 households in Gongqu Hucun village began to develop Tibetan music.

The 53-year-old Gongbao Tashi Station is the leader in the development of Tibetan music in the village (photo by Wang Jiazhu)
The 53-year-old Gongbao Tashi is a rich leader in the village. In 2016, he took the lead in developing Tibetan music in the village. With the support of the local government, he built a two-story building with more than 30 beds. Not only has a brand-new modern kitchen been built to facilitate tourists’ self-use, but it has also taken the lead in transforming the traditional dry toilet at home into a flush toilet.
Gong Baozhaxi said that the development of Tibetan music alone can earn 30,000 to 40,000 yuan a year.
Miaohuashan Village in Lintan County, which is three hours’ drive away from Luqu, has also been favored by more and more tourists in recent years because of the "Hualu" homestay. In 2018, at the Gansu Provincial Tourism Industry Development Conference, the villagers’ lodging industry won the "Gansu Provincial Villagers’ Accommodation Boutique Award".
Lintan county has colorful natural scenery and rich and unique folk customs, especially Yeliguan national 4A-level tourist scenic spot in the county, which is a typical highland and hilly forest tourist resort. Relying on this, in recent years, Lintan County has actively promoted the transformation of county-wide tourism from "scenic tourism" to "global tourism".

Miaohuashan Village is favored by more and more tourists because of the "Hualu" homestay (photo by Wang Jiazhu)
Zhang Shuxia, 28, and the villagers benefited from this. With the help of superior units, Miaohuashan Village seized the opportunity to upgrade and transform 17 residential houses, and adopted the development model of "government guidance+professional company operation+farmers’ participation" to develop 39 sets of high-end homestays and 10 sets of main functional rooms such as bars, cafes and tea rooms. At the same time, it also optimized the supporting infrastructure such as village lanes, water supply and drainage pipes, parking lots and tourist toilets, and turned the whole village into a homestay scenic spot.
Zhang Shuxia invested in a two-story building in his yard and was transformed into a homestay integrating accommodation and coffee shop. That alone, she can get a guaranteed income of 10 thousand yuan a year and pay dividends. Zhang Shuxia said that including her husband’s income from going out to work, her family’s annual income can reach about 50,000 yuan. "Now it is the unified management of the company. When it matures, I can be a waiter and earn another salary."
From Gaxiu village to Gongquhu village, to Miaohuashan village, and from Gannan pastoral area to agricultural area, these small villages are dotted in this magical land of Gannan, and their rural tourism has become a beautiful landscape with distinctive characteristics in the local rural revitalization strategy.

Economic Observer reporter Hu Yanming After the financial data fluctuated greatly in April, the market expected to cut interest rates in May. On May 15th, the People’s Bank of China (hereinafter referred to as "the central bank") operated the medium-term loan facility (MLF) with "equal parity", and the expectation of interest rate cut was temporarily frustrated.
According to the financial statistics published by the central bank in April and the data of social financing scale (hereinafter referred to as "social financing"), the Economic Observer found that RMB loans increased by 730 billion yuan in April, an increase of 11.2 billion yuan year-on-year; In April, the increase in social welfare was-198.7 billion yuan, compared with 1.22 trillion yuan in the same period last year.
Affected by social integration and other factors, the growth rate of money supply declined. In April, the narrow money (M1) decreased by 1.4% year-on-year, while the broad money (M2) increased by 7.2%, which was at a historical low. Ming Ming, chief economist of CITIC Securities, said that the decline in money supply was mainly due to the "squeezing water" of some non-compliant deposit products by supervision, and it was also related to the more diversified wealth management methods at present, which could not be interpreted unilaterally as the decline in financial support for the real economy; On the contrary, the supervision of deposits will help to activate funds and help finance to better support the recovery and development of the real economy.
Some scholars have also analyzed that more effective measures need to be taken to boost market confidence and expectations.
Some market investors believe that there was a negative growth in social financing in April, and the MLF interest rate should be lowered to stimulate financing. Zhang Xu, chief analyst of fixed income of Everbright Securities, said that the decline in the year-on-year growth rate of social financing was dragged down to some extent by the "squeezing water" of financial data. Because the squeezed out part of the "moisture" was also precipitated or occupied inefficiently in the early stage, it did not form a real support for the real economy. Therefore, the decline in financial data caused by "squeezing out water" does not mean that the strength of financial support entities is weakened, and there is no need to immediately use such a powerful policy tool as MLF to cut interest rates.
Social integration showed negative growth in April.
According to the data of the central bank, the cumulative increase in social integration in the first four months of 2024 was 12.73 trillion yuan, and the cumulative increase in social integration in the first quarter of 2024 was 12.93 trillion yuan. Therefore, the increase in social welfare in April was-198.7 billion yuan.
The increment of social financing refers to the amount of funds obtained by the real economy from the financial system in a certain period, including direct financing such as corporate bonds and government bonds, as well as indirect financing such as RMB loans and foreign currency loans.
From the perspective of social finance, government bonds, corporate bonds and undiscounted bank acceptance bills dragged down the data in April. In April, the net financing of government bonds decreased by 98.4 billion yuan, an increase of 553.2 billion yuan less than that in April 2023.
It is clearly believed that the scale of government bonds has declined because the issuance of national debt and local debt is slow. Considering the decline in land transfer fees, slow progress in issuing special bonds, limited local financial resources and other factors, the follow-up government bond financing will be accelerated, and it is expected that social integration will also be significantly boosted.
In April, the scale of corporate bond financing increased by 49.3 billion yuan, a year-on-year decrease of 244.7 billion yuan. Undiscounted acceptance bills decreased by 448.6 billion yuan, an increase of 314.1 billion yuan year-on-year, mainly due to the decline in the impulse of bank bills and the willingness of enterprises to invoice.
In terms of RMB loan data (also known as "credit data"), it is basically the same as that of the same period last year. April was a traditional credit abortion, and in April 2024, RMB loans were increased by about 730 billion yuan. However, from the perspective of credit structure, bill impulse phenomenon is obvious.
In April, corporate loans increased by 860 billion yuan. Among them, short-term loans decreased by 410 billion yuan, medium and long-term loans increased by 410 billion yuan, and bill financing increased by 838.1 billion yuan.
Wen Bin, chief economist of China Minsheng Bank, said that the demand for corporate loans weakened seasonally in April, but the supply of long-term loans to public companies remained stable, which remained an important force supporting new credit. Under the constraint of demand, in order to stabilize the pace of credit supply, some banks still have the demand of filling in the scale.
Residential loans (also known as "household loans") showed negative growth. Residents’ loans mainly include short-term loans such as consumer loans and business loans and medium-and long-term loans such as housing mortgage loans. In April, residents’ loans decreased by 516.6 billion yuan, a decrease of 275.5 billion yuan compared with April 2023. Among them, residents’ short-term loans and long-term loans decreased by 351.8 billion yuan and 166.6 billion yuan respectively.
Wang Yifeng, chief analyst of the financial industry of Everbright Securities, believes that with the heavy supply of government bonds, the growth rate of social financing is expected to gradually increase. In April, the growth rate of social financing hit a low of 8.3% in the year, which was mainly dragged down by some factors, such as delayed loan placement of reserve projects, delayed issuance of government bonds, pressure drop of stock bills, and dull financing of stock bonds.
The growth rate of money supply declined.
The slowdown in financing demand has slowed down the money supply. At the end of April, the balance of M2 was 301.19 trillion yuan, a year-on-year increase of 7.2%. The balance of M1 was 66.01 trillion yuan, down 1.4% year-on-year. M1 turned negative year-on-year, and M2 fell to a historical low year-on-year.
At present, China’s currency is divided into three levels: M0, M1 and M2. M0, which is often called "cash", is the most active and has the highest liquidity. M1, which is M0 plus unit demand deposit with slightly weaker liquidity; M2 is M1 plus unit time deposits and resident deposits with weaker liquidity. Therefore, M1 is called narrow money supply; M2 is the broad money supply.
Ming Ming said that the obvious decline in the growth rate of money supply was mainly due to the fact that since April, many deposit funds have been transferred to asset management products such as bank wealth management under the background of seasonal factors and strict supervision of manual interest payment. Judging from the changes of deposits in various departments, residents’ deposits decreased by about 650 billion yuan in April, corporate deposits decreased by about 1.7 trillion yuan, and government deposits decreased by about 400 billion yuan. The decrease in deposits of residents and enterprises confirms the phenomenon of "deposits moving", while the year-on-year decrease in fiscal deposits is mainly due to the slow issuance process of government bonds. Considering that the financing of government bonds has decreased by 550 billion yuan compared with the same period of last year, the side reflects that the current fiscal expenditure rhythm may have slowed down marginally.
At the end of April, the "scissors gap" between the growth rates of M2 and M1 widened. Wen Bin believes that the growth rate of M2 has slowed down, but the financial system has further improved its quality and efficiency in serving the real economy. The slowdown of money supply growth is affected by multiple factors. First, since the beginning of the year, the bond market has boosted the yield of asset management products such as wealth management, and bank deposits have been diverted to wealth management; Second, the regulatory authorities have stepped up the regulation of idle arbitrage of funds and manual interest payment by banks to squeeze out some inflated deposits and loans; The third is to optimize the accounting of financial added value, and the motivation of individual local governments to increase financial added value by expanding deposits and loans has obviously weakened. In the next few months, with the gradual improvement of financing demand in the real economy, the acceleration of financing by government departments and the gradual return of the bond market to fundamental logic, the growth rate of money supply will stabilize.
According to the financial data in April, the year-on-year growth rate of new residential loans, new social financing and M1 was "negative growth". Wang Yifeng analyzed that, first, insufficient effective demand is still the core issue, which exerts influence on "credit abortion" together with some influencing factors, the former is the "source" and the latter is the "flow"; Second, the accounting method of added value of the financial industry has changed, which has promoted the interests of all parties to slow down their demands for scale expansion; Third, the policy orientation strengthens "revitalizing the existing financial resources" and prevents "funds from depositing and idling". The financial data reading in April did have a "squeezing water" component; Fourth, the substantial impact of stopping "manual interest payment" may be the beginning rather than the end; Fifth, the contradiction between deposits and loans, money and credit, and the scissors difference in reading will probably continue.
May MLF’s "Equal Parity" sequel
On May 15th, 2024, the People’s Bank of China launched a 2 billion yuan open market reverse repurchase operation and a 125 billion yuan MLF operation. On the same day, a total of 2 billion yuan of reverse repurchase and 125 billion yuan of MLF expired, achieving complete liquidity hedging. In terms of price, the MLF operating interest rate remains unchanged at 2.5%, and the 7-day reverse repurchase operating interest rate remains unchanged at 1.8%.
MLF’s volume and price were both flat, and the shrinking operation was finished for the first time in March. Obviously, at the price level, the MLF and reverse repurchase operations all maintained the previous interest rate unchanged, while the market had failed to expect the interest rate cut in May based on the weak social credit data in April. On the quantitative level, this MLF continued to be 125 billion yuan, and the maturity scale on the same day was also 125 billion yuan, which was the first time since March this year to end the liquidity reduction operation.
Since May, the biggest concern of the market for liquidity lies in the concentrated supply shock of 1 trillion yuan of ultra-long-term special government bonds, and it is believed that the central bank may hedge it by lowering the RRR. Wen Bin analyzed that according to the latest arrangement of the Ministry of Finance for the issuance of general treasury bonds and ultra-long-term special treasury bonds on May 13, this year, the Ministry of Finance plans to issue three kinds of special treasury bonds of 20 years, 30 years and 50 years, respectively, 7 times, 12 times and 3 times, scattered from May to November. The smooth issuance and prolonged pace of this special national debt have weakened the concentrated impact on liquidity, and correspondingly, the necessity of the central bank’s current cooperation through RRR reduction has also declined.
Moreover, with the MLF interest rate unchanged in May, the LPR (loan market quotation rate) will remain "on hold" with a high probability this month.
Obviously, considering the internal and external policy conditions, MLF will cut interest rates or wait for a better opportunity. As of the first quarter of this year, the weighted average interest rate of general loans has dropped to a record low of 4.27%, which makes commercial banks face higher interest spread pressure and the demand for cost reduction in the financial system is still high; In April, the quality of credit data was average, and the repair of entity financing demand also needed further efforts of cost reduction tools. In the first quarter, the statement of "paying close attention to the changes of monetary policies of major overseas central banks" was put forward, which reflected the central bank’s increased attention to the operation of overseas monetary policies. Considering that there are still some uncertainties when the central banks of overseas developed economies such as the Federal Reserve cut interest rates, the timing of MLF’s interest rate cut may not be appropriate, and deposit interest rate cut may be more feasible.
For the future policy space, Wen Bin predicted that in order to promote a moderate rebound in prices and increase support for the real economy, the importance of aggregate tools remains, and monetary policy will adhere to the general tone of stability and easing; However, in order to stabilize the exchange rate and prevent funds from idling and arbitrage, it may be difficult to cash in the short term, but with the accumulation of conditions, it may still land during the year.
China’s scientific research project management reform has ushered in new changes.
On May 10th, in the first batch of key projects launched in 2021 by the "14th Five-Year Plan" national key R&D plan announced by the Ministry of Science and Technology, the task of unveiling the list was specially set up. This is the first time that the list of "Uncovering the List" has been listed separately, and it has been released together with the project application guide, involving indicators such as application instructions, research requirements and list tasks.
The reporter found that in the notice issued by the Ministry of Science and Technology on the 11th, the 2021 annual project application guide for key projects such as "Information Photonic Technology" in the 14th Five-Year Plan (hereinafter referred to as "the guide"), a number of projects were listed separately, together with the key project of "Mathematics and Applied Research" published on the 10th, the list of key projects in 2021 was increased to five.

Zheng Jianjian, director of the Planning Department of the Asset Management Department of the Ministry of Science and Technology, said in an interview with the media that the "Uncovering the List" project highlights the role of end users, and takes "list-based" management as the core in the management system, and the tasks that are not implemented well are stopped in time; In the responsibility system, the "military order" system is the core to ensure that the goal is completed on time; In terms of policy system, we will focus on stimulating the vitality of innovative subjects and strive to improve the performance of project implementation.
In addition to "unveiling the list", the guide shows that the project management reform measures also involve two aspects: the young scientist project and the Ministry-province linkage project.
On May 11th, The Politburo Standing Committee (PSC) and Li Keqiang, Premier of the State Council of the People’s Republic of China of the Communist Party of China hosted a symposium on high-level and high-skilled talents with special government allowance system. Li Keqiang said that it is necessary to create an atmosphere in which all kinds of talents can display their talents. It is necessary to deepen the "streamline administration, delegate power, strengthen regulation and improve services" reform, promote the reform of the education system and the science and technology system, get rid of all kinds of unreasonable restrictions, give the scientific research team greater autonomy, make all kinds of talents concentrate on their research and skills, and promote the 360-line champion. Innovate the new organization and management methods of scientific research projects such as "revealing the list and taking the lead", and give platforms, honors and incentives to talents who can be officers and do things. Young talents have the greatest potential for innovation. It is necessary to support more outstanding young people to take the lead in major scientific research tasks and promote them to achieve more results in the golden stage of scientific research.
What are the key points of "unveiling the list"
This year’s government work report puts forward that in 2021, it is necessary to reform the implementation mode of major science and technology projects and promote mechanisms such as "revealing the list and taking the lead". The "14th Five-Year Plan" also proposes to reform the way of establishing and organizing major scientific and technological projects, give scientific research units and researchers more autonomy, implement the responsibility system of technical chief engineer, and implement the systems of "revealing the list and taking the lead" and "horse racing".
The guide shows that there is no requirement for the registration time of the company that unveiled the list, and there is no requirement for the age, education and professional title of the person in charge of the team that unveiled the list. The advantageous team that has the confidence and ability to organize key core technologies to attack is encouraged to actively declare. Clarify the amount of funding for list tasks, simplify budget preparation, and explore the implementation of "negative list" in fund management.
Take the 2021 list of the key project of "Mathematics and Applied Research" as an example. The list says that we will strive to make a breakthrough in solving the deep-seated mathematical problems that restrict the development of technology around major application scenarios such as 5.5G communication system design, base station filter production design, satellite electromechanical system performance prediction, integrated circuit design, etc. It is planned to allocate no more than 45 million yuan from the state. Unless otherwise specified, the number of items to be supported by each list task is 1.
With regard to the requirements for tackling key problems, after the project is established, the team of uncovering the list must sign a "military order", and make specific agreements on the assessment requirements, funding allocation methods, reward and punishment measures and the attribution of achievements of the milestone, and put the task objectives of the list in a prominent position, concentrate superior resources and make every effort to tackle key problems within a limited time. The person in charge of the project (project) shall not be transferred or resigned from his post in principle during the period of tackling key problems.
In terms of specific list tasks, this "unveiling the list" list covers four tasks, and each task has its own research and development time limit and list amount.
As early as the end of February this year, Xie Xin, director of the Department of Resource Allocation and Management of the Ministry of Science and Technology, said at the press conference of the State Council Office that the national science and technology plan is an important carrier for the government to organize scientific and technological innovation activities, and the reform will continue to deepen during the 14 th Five-Year Plan. In terms of specific reform measures, Xie Xin said that the first one is "revealing the list and taking the lead", which is the top priority of the reform of the "14 th Five-Year Plan" science and technology projects.
He said that the core of the reform is to design research and development tasks closely around the urgent needs of high-quality economic and social development. In the process of implementation, the responsibility is compacted through reform measures such as "military order", and finally the results are assessed by users, so that the science and technology plan can focus more on the national needs and enhance the ability to attack.
Xie Xin revealed in an interview with the media a few days ago that in the future, the key project of "subversive technological innovation" will be launched in the "14 th Five-Year Plan", and priority will be given to the technical fields that may have major subversive breakthroughs, such as electronic information, artificial intelligence, future communication and virtual reality. In addition, the pilot project of "Chief Scientist Responsibility System" will be carried out in the major project of Science and Technology Innovation 2030- "New Generation Artificial Intelligence".
Vigorously support young scientists
As the main body of scientific and technological activities, young scientists are paid more and more attention in the national key R&D plan.
It is clear in the guide that in order to create more opportunities for young researchers to organize and implement major national goal-oriented R&D tasks, key R&D plans will set up young scientists’ projects on a larger scale. According to the characteristics of the field and special projects, various ways are adopted, such as setting up a young scientist project or setting up a young scientist topic under the project. There is no subject under the Young Scientists Program, and in principle, no budget evaluation will be organized. Young scientists are encouraged to boldly explore more innovative and subversive new methods and paths to better serve the realization of the overall goal of the special project.
The reporter consulted the guide and found that 80% of the eight key projects have young scientists’ projects. Regarding the age limit, it is clear that "men should be born after January 1, 1986 and women should be born after January 1, 1983. In principle, the age requirements for other team participants are the same as above".
Lei Zhu, an associate professor at Shanghai Jiaotong University, said in an interview with the First Financial Reporter that the young scientist project has existed for a long time. "In 2016, we got the first batch of key special youth projects, and it was still a pilot."
In Lei Zhu’s view, the young scientist project is very important to young people, because generally large projects can only be done with strong team support; For a small young scientist project like this, it is not mandatory to set up a topic, just find some participating units to cooperate to complete this matter. In addition, the acceptance of the final engineering or indexing will not be limited to be rigid, and everyone is encouraged to have technological innovation or principle innovation.
"And this time there is a clear age limit, so young researchers are very encouraged to start undertaking large-scale scientific research tasks independently. This is a milestone encouragement." Lei Zhu said.
According to the data of the Ministry of Science and Technology, from 2016 to 2020, there were 235 projects supporting young scientists, involving 874 million yuan of state funding and an average support intensity of 3.72 million yuan. During the "Thirteenth Five-Year Plan" period, the national key research and development plan set up young scientists’ projects in eight key projects, including nanotechnology, synthetic biology and digital diagnosis and treatment equipment research and development in the basic field and social development field.
At the press conference of the State Council Office in February, Xie Xin said that the national science and technology plan will fully implement the young scientist project during the Tenth Five-Year Plan period.
He said that young people are already the main force in the implementation of our current science and technology plan, but we should build a higher and bigger platform for them in the 14 th Five-Year Plan, let outstanding young researchers take the lead, let them independently undertake tasks, take the lead in organizing national projects, and make bold innovations in the process of implementing projects. At the same time, we will cultivate a group of young reserve troops who can lead the way in the future for the development of science and technology in our country. All these reform measures will be implemented in the deployment of the first batch of projects in the 14 th Five-Year Plan this year.
As a well-known automobile brand, Honda has a variety of models and a wide price range. The following is the official guide price information of some Honda models:
Dongfeng Honda:
CRVThe official guide price starts from 185,900 yuan.;
HRVThe official guide price starts from 159,900 yuan.;
XRVThe official guide price starts from 119,900 yuan.;
URVThe official guide price starts from 246,800 yuan.;
CIVICThe official guide price starts from 129,900 yuan.;
AilishenThe official guide price starts from 279,800 yuan.;
LIFEThe official guide price starts at 97,800 yuan.;
YingshipaiThe official guide price starts from 182,800 yuan.;
Enjoy the domainThe official guide price starts from 109,800 yuan..
Guangqi Honda:
FitThe official guide price starts at 86,800 yuan.;
AccordThe official guide price starts at 179,800 yuan.;
Crown RoadThe official guide price starts from 239,800 yuan.;
LingpaiThe official guide price starts from 119,800 yuan.;
XinggeThe official guide price starts from 129,900 yuan.;
Bin ChiThe official guide price starts from 119,900 yuan.;
HaoyingThe official guide price starts from 185,900 yuan.;
OdysseyThe official guide price starts from 235,800 yuan..

It should be noted that the above prices are for reference only, and the actual prices may be different due to factors such as regions, distributors and configurations. It is suggested that you contact your local dealer directly or visit Honda’s official website to get more accurate quotations and detailed information.
On June 10, local time, the 24-hour temporary ceasefire agreement reached between the Sudanese Armed Forces and the Rapid Support Force came into effect. In the metropolitan area, which is composed of the capital city of Khartoum and its surrounding cities of North Khartoum and Omdurman, except for sporadic firefights and air strikes in some areas that morning, the situation was generally calm, social life was restored, and some buses began to run. Some residents took to the streets to buy daily necessities, while others left the capital circle for more stable areas. However, two bridges connecting North Khartoum and Omdurman and crossing the Nile were closed by militants, which caused a lot of inconvenience to local people.
Saudi Arabia and the United States, which are responsible for mediating the conflict in Sudan and supervising the ceasefire, issued a statement on the 9th, announcing that the Sudanese Armed Forces and the Rapid Support Force reached a new 24-hour temporary ceasefire agreement in Jeddah, Saudi Arabia. The agreement is scheduled to take effect at 6 o’clock on the 10th Khartoum time. (Reporter Zhao Yuanfang, General Desk)
At 8 o’clock every day, CCTV will sort out the big and small things that happened around us within 24 hours.
[Focus]
●The Ministry of Finance promulgated the Measures for the Administration of Government Procurement Information Release, which will take effect on March 1, 2020.
●State Taxation Administration of The People’s Republic of China: The additional deduction information of individual tax has not been updated or affected the credit.
●Ministry of Agriculture and Rural Affairs: Help small and medium-sized pig farmers to speed up the resumption of production by means of "company+farmers".
●Development and Reform Commission: It is estimated that all 250 provincial toll stations will be removed by the end of the year.
●The Supreme People’s Procuratorate deployed a pilot project to inform the obligee of litigation rights and obligations in criminal cases of infringement of intellectual property rights.
●The Supreme People’s Court issued the Provisions of the Supreme People’s Court on Several Issues Concerning the Trial of Administrative Agreement Cases.
●On the 11th, the press conference of the Taiwan Affairs Office of the State Council gave a detailed explanation of the "26 measures" to provide equal treatment for Taiwanese enterprises.
●Encourage "whistleblowers" and the market supervision department will implement the reward system for reporting.
●The Ministry of Education issued a document requiring all local schools to strictly regulate the qualification examination, examination registration and examination management of special types of enrollment.
●The Ministry of Culture and Tourism issued new regulations to improve the withdrawal mechanism of national intangible heritage inheritors.
●China’s Mars flight control team made its debut. The National Space Administration recently announced that China’s first Mars exploration mission is scheduled to be implemented in 2020.
●Beijing-Zhangjia high-speed railway and Zhanghu high-speed railway completed the first full-line driving test according to the map. According to the plan, two high-speed rail lines will be put into operation simultaneously at the end of this year.
[Expo]
●On the 10th, the United Nations Climate Change Conference began a high-level meeting, and representatives of various countries continued intensive consultations on some unresolved issues.
●Due to the obstruction of the United States, the Appellate Body of the World Trade Organization, which has the power of final judgment on international trade disputes, was forced to temporarily suspend its operation on the 11th.
●The Judiciary Committee of the US House of Representatives announced two impeachment clauses against President Trump, accusing him of abusing his power and obstructing the congressional investigation.

●On the 11th local time, a suicide bombing occurred near the base of the US military in Bagram, Afghanistan, killing one person and injuring more than 60 people.
●Russian President Vladimir Putin said that Russia will take measures to respond to Germany’s expulsion of Russian embassy staff.
●On the 10th, Russian Foreign Minister Lavrov visited Washington, where he met with US President Trump and Secretary of State Pompeo respectively to discuss bilateral relations, arms control, Ukrainian issues and Syrian issues.
●A new round of demonstrations in response to the general strike broke out in France, with 340,000 people participating.
●On the 10th, Argentine President-elect Alberto Fernandez was sworn in in Buenos Aires. The New Deal focused on three major tasks: people’s livelihood, foreign exchange and negotiation.
●Deputy Director of Rural Fire Service Department of Australia and New Zealand: The number of houses burned during the forest fire season continues to increase, and now it has been confirmed that 724 houses have been destroyed, with a burning area of 2.7 million hectares.
[hundred States]
●Chinese scholars have developed a new type of concrete that can be "self-cleaning".
●Guangdong reported a case of Zika virus imported from abroad.
●Progress in the investigation of the "12.3" sewage tank collapse accident, nine people died as a result of the instantaneous dumping of sewage.
●Beijing plans to cancel the starting price of high-speed fees and realize accurate billing.
●In 2020, the first train ticket in Spring Festival travel rush will be on sale on the 12th, and new tickets will be on sale at every hour and half hour for 12306 online ticket purchase and telephone ticket purchase.
●Shanghai Airport responded to the ambulance pick-up: 9 responsible persons were given disciplinary and political treatment.
●Peking University informed Feng Renjie, a teacher, of his decision to revoke the qualification of the teacher and dismiss him.
●The case of smuggling pangolin scales was solved, and nearly 50 thousand pangolins were killed.
●UAV research has become a "new blue ocean" for training, and drone flying hand training for teenagers aged 6-14 has quietly emerged.
●After a girl jumped into the river in Hangzhou for 90 years, the young man went into the water to rescue her, and both of them were killed.
●"Tumbler Girl" became popular and sold base businesses with fire. It sold one piece a month before, and now it sells hundreds of pieces a month.

Visual sense
●Vlog shares personal life and spreads news with fire. In Xuanweifu, Dafang County, Bijie City, Guizhou Province, the old man Huang Youxian is taking a video with his smartphone to share the beautiful scenery along the way.

●Aerial photography of the forest in Dayuya Mountain, Jiangxi Province, is colorful and picturesque.

[sound]
●"We have always adhered to the people-centered development thinking, complied with the common desire of compatriots on both sides of the strait to strengthen exchanges and cooperation and the actual needs of Taiwan Province compatriots looking forward to more development opportunities, and continuously introduced a series of policy initiatives such as" 31 measures "and" 26 measures "to benefit Taiwan and benefit the people, providing more equal treatment for Taiwan Province compatriots to share development opportunities in the mainland, which was widely welcomed and affirmed by Taiwan Province compatriots."
— — Zhu Fenglian, Spokesperson of Taiwan Affairs Office
[face]
●At 3: 20 pm on December 9, an earthquake of magnitude 4.6 occurred in Anzhou District, Mianyang City, Sichuan Province. Beichuan County, which is more than 30 kilometers away from Anzhou District, felt a strong earthquake. At the moment of the earthquake, people’s instinct is to escape, while Xiong Wenyan, a female teacher in Yongchang Kindergarten in Beichuan County, ran retrograde to the teaching building.

See you at 8 o’clock tomorrow!
Editor: Dong Shuyun and Luo Meng